Niche retail agent Redleaf has negotiated and completed five property deals, securing units for “casual dining” specialists in locations across the Midlands.
Tragus Holdings has taken two units – 4,435 sq ft at Belgrade Plaza in Coventry where it will open Café Rouge and a 3,678 sq ft unit for Bella Italia at Bentley Bridge Leisure Park in Wolverhampton. The Gondola Group-owned Italian eatery ASK has taken the 4,676 sq ft former Barclays Bank building on New Street in central Birmingham.
Redleaf has also completed two deals at New Square in West Bromwich, acting on behalf of Nando’s and Harvester, which will both open stores within this new town centre retail and leisure destination.
Paul Bishton, Redleaf, said: “Casual dining has really bucked the trends of the retail sector during the recession. At the start of the downturn, many casual dining brands initially reacted with a host of voucher-driven offers nationwide to maintain turnover, but they quickly realised that eating out had become a lifestyle choice that consumers were unwilling to give up.
“Add to this the fact that unlike online shopping, eating out cannot be replaced by the internet, dining is fast becoming the must-have addition to retail/ leisure schemes across the country to help create exciting, vibrant destinations and increase footfall.
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“As a result, the market is buoyant. Bidding wars have been a feature at times for the best space and although restaurant occupier demand for properties has reduced from this recent peak, there remains a strong appetite and healthy competition for good units in strong locations.
“This selection of deals is evidence of these current marketplace trends. New opportunities within proven strong out of town or city centre leisure/retail destination are now gaining popularity with operators and schemes which are intensively asset managed by owners provide high levels of footfall and increased dwell times, which spells good news for their businesses. City centre high street locations are popular where there is robust evidence of a cluster of similar restaurants, all operating successfully already.”
With the deals now complete, all the new restaurants will be opening throughout the Spring and Summer, with the two stores at New Square in West Bromwich scheduled to open at the scheme’s official launch later this year.
Jonathan Havenhand, head of acquisitions for Tragus Holdings, said: “Our property strategy is very much based on enabling our operators to deliver great food in distinctive and attractive restaurant surroundings. These two deals are a strong addition to our Midlands portfolio of properties.”
Tragus Holdings now has 125 Café Rouge and 90 Bella Italia stores across the West Midlands, as well several of its Strada brand. Gondola’s Ask offer will join several similar restaurant offers on New St and benefit from the new entrance to the Gateway Project, with increased footfall expected to travel from Colmore Row to the station.